英科再生（688087）动态点评 收入高增，利润增速略有承压 2026 年 03 月 02 日 【事项】 事件：公司发布 2025 年业绩快报。2025 年公司实现收入 35.4 亿元， yoy+21.08%；归母净利润 3.01 亿元，yoy-2.1%，扣非归母净利润 2.08 亿元，yoy-22.84%。 【评论】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 证券分析师：张毅 证书编号：S1160524100002 《布局可再生塑料全产业链，品类拓展& 产能扩张贡献增长动能》 2025.09.23 《掘金再生塑料装饰建材蓝海市场，股权 激励彰显发展信心》 2025.06.30 相对指数表现 -40% -26% -12% 2% 16% 30% 2025/3 2025/9 2026/3 英科再生 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 7,180.03 | | 流通市值（百万元） | 6,891.08 | | 52 周最高/最低（元） | 37.00/19.99 | | 52 周最高/最低（P ...

证券代码：688087 证券简称：英科再生 公告编号：2026-007 英科再生资源股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以英科再生资源 股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 报告期内，公司营收规模首次突破35亿元，实现营业收入354,005.91万元，较上年同期增长21.08%；第 四季度单季度营收规模再创新高，实现营业收入95,696.14万元，较上年同期增长38.23%。实现归属于 母公司所有者的净利润30,088.08万元，较上年同期减少2.10%；剔除股份支付后归属于母公司所有者的 净利润为31,417.29万元，较上年同期增长3.41%。 报告期末，公司总资产732,235.99万元，较报告期初增长32.99%；归属于母公司的所有者 ...

在稳固传统优势业务的同时，英科再生持续深化产业结构调整。该公司进一步完善了以"成品框、装饰 建材、再生塑料、环保设备"为核心的四大业务矩阵。其中，装饰建材业务被寄予厚望，正加速成长为 公司的"第二增长曲线"。通过产品结构的优化升级，四大主业形成了协同并进、稳步发展的良好态势， 有效拓宽了该公司的市场发展空间。 本报讯(记者王僖)2月27日晚，英科再生资源股份有限公司(以下简称"英科再生")披露2025年度业绩快 报。在全球复杂经济环境下，该公司凭借稳健的经营策略与全球化产能的持续释放，交出了一份颇具韧 性的成绩单：2025年全年营业收入首次突破35亿元大关，达35.4亿元，同比增长21.08%。其中，第四季 度表现尤为亮眼，单季营收达9.57亿元，同比大幅增长38.23%，展现出强劲的增长动能。 公告显示，2025年成为英科再生全球化战略的收获之年。该公司重点推进的越南清化生产基地建设取得 关键进展：二期项目已顺利投产达产，实现了产能的高效释放；三期项目亦按计划有序推进。这一布局 不仅优化了公司的全球供应链体系，更显著增强了其在海外市场的交付保障能力与经营韧性，为应对单 一市场波动、提升全球竞争力构筑了坚实基 ...

Group 1 - The core viewpoint of the news is that Yingke Recycling has experienced a decline in stock price and trading volume, with significant financing and margin trading activities indicating investor sentiment and market positioning [1][2]. - On January 29, Yingke Recycling's stock fell by 5.05%, with a trading volume of 84.19 million yuan. The financing buy-in amount was 9.89 million yuan, while the financing repayment was 9.64 million yuan, resulting in a net financing buy of 0.25 million yuan [1]. - As of January 29, the total balance of margin trading for Yingke Recycling was 1.09 billion yuan, which is 1.84% of its circulating market value, indicating a low financing balance compared to the past year [1]. Group 2 - As of September 30, Yingke Recycling had 7,443 shareholders, a decrease of 3.27% from the previous period, while the average circulating shares per person increased by 3.39% to 25,022 shares [2]. - For the period from January to September 2025, Yingke Recycling achieved an operating income of 2.583 billion yuan, representing a year-on-year growth of 15.76%, and a net profit attributable to shareholders of 226 million yuan, up 16.29% year-on-year [2]. - Yingke Recycling has distributed a total of 120 million yuan in dividends since its A-share listing, with 93.13 million yuan distributed over the past three years [3].

Group 1 - The core viewpoint of the news is that Yingke Recycling has seen a stock price increase of 5.07%, reaching 32.75 yuan per share, with a total market capitalization of 6.355 billion yuan [1] - Yingke Recycling, established on March 14, 2005, and listed on July 9, 2021, is located in the Qilu Chemical Industrial Park in Zibo, Shandong Province, and specializes in the recycling, regeneration, and utilization of renewable plastics [1] - The company's main business revenue composition includes: finished products 40.80%, decorative building materials 37.27%, recycled plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Group 2 - From the perspective of major fund holdings, one fund under Southern Fund has a significant position in Yingke Recycling, with Southern Baojia Mixed A holding 120,000 shares, accounting for 1.43% of the fund's net value, ranking as the eighth largest holding [2] - Southern Baojia Mixed A, established on June 28, 2022, has a latest scale of 155 million yuan, with a year-to-date return of 1.14% and a one-year return of 12.68% [2] - The fund manager, Lin Lefeng, has a tenure of 9 years and 294 days, with the total asset scale of 15.472 billion yuan and the best fund return during the tenure being 167.12% [2]

Group 1 - The core viewpoint of the news is that Yingke Recycling has seen a stock price increase of 5.07%, reaching 32.75 CNY per share, with a total market capitalization of 6.355 billion CNY [1] - Yingke Recycling, established on March 14, 2005, and listed on July 9, 2021, is located in Zibo City, Shandong Province, and specializes in the recycling, regeneration, and utilization of renewable plastics [1] - The company's revenue composition includes: finished frames 40.80%, decorative building materials 37.27%, regenerated plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Group 2 - From the perspective of fund holdings, one fund under Puyin Ansheng has a significant position in Yingke Recycling, with 778,400 shares held, accounting for 3.17% of the fund's net value, ranking as the tenth largest holding [2] - The Puyin Ansheng Emerging Industries Mixed A Fund (519120) has a total scale of 360 million CNY and has achieved a year-to-date return of 1.31%, ranking 6754 out of 8840 in its category [2] - The fund has a one-year return of 31.19%, ranking 4036 out of 8094, and a cumulative return since inception of 424.24% [2]

Group 1 - The core viewpoint of the news is that Yingke Recycling has shown a slight increase in stock price and trading volume, with notable financing activities indicating investor interest [1] - As of November 14, Yingke Recycling's financing buy-in amounted to 15.26 million yuan, while financing repayment was 13.64 million yuan, resulting in a net financing buy-in of 1.62 million yuan [1] - The total balance of margin trading for Yingke Recycling reached 102 million yuan, accounting for 1.75% of its market capitalization, which is below the 10% percentile level over the past year, indicating a low financing balance [1] Group 2 - As of September 30, Yingke Recycling had 7,443 shareholders, a decrease of 3.27% from the previous period, while the average circulating shares per person increased by 3.39% to 25,022 shares [2] - For the period from January to September 2025, Yingke Recycling achieved operating revenue of 2.583 billion yuan, representing a year-on-year growth of 15.76%, and a net profit attributable to shareholders of 226 million yuan, up 16.29% year-on-year [2] - Since its A-share listing, Yingke Recycling has distributed a total of 120 million yuan in dividends, with 93.13 million yuan distributed over the past three years [2]

Group 1 - The core viewpoint of the news is that Yingke Recycling has seen a significant increase in its stock price, rising 5.07% to 32.53 CNY per share, with a total market capitalization of 6.313 billion CNY and a cumulative increase of 4.7% over the past four days [1] - Yingke Recycling, established on March 14, 2005, and listed on July 9, 2021, specializes in the recycling, regeneration, and utilization of renewable plastics, with its main business revenue composition being: finished products 40.80%, decorative building materials 37.27%, regenerated plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Puyin Ansheng has a significant position in Yingke Recycling, with the Puyin Ansheng Emerging Industry Mixed A Fund (519120) holding 778,400 shares, accounting for 3.17% of the fund's net value, ranking as the tenth largest holding [2] - The Puyin Ansheng Emerging Industry Mixed A Fund has achieved a year-to-date return of 22.62%, ranking 4218 out of 8140 in its category, and a one-year return of 23.85%, ranking 3102 out of 8056 [2] Group 3 - The fund manager of Puyin Ansheng Emerging Industry Mixed A Fund is Li Haoxuan, who has been in the position for 2 years and 330 days, with the fund's total asset size at 3.425 billion CNY and a best return of 104.41% during his tenure [3]

Group 1 - The core theme of the forum is "Moving Towards New Horizons, Achieving Long-term Goals with Practicality, and Igniting the Future with Intelligence" [1] - In the 2024 Annual New Quality Enterprise Golden Bull Award, Yingke Recycling was recognized for its achievements in the field of renewable plastic recycling and utilization [1][4] - Yingke Recycling was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in July 2021 and has established a global channel advantage [4] Group 2 - Yingke Recycling's business is divided into three main segments: recycling, regeneration, and utilization, focusing on high-quality tracks of recycled PS and PET [4] - The company reported a revenue of 2.583 billion yuan for the first three quarters of this year, representing a year-on-year increase of 15.76% [4] - The revenue for the first, second, and third quarters of 2025 was 793 million yuan, 873 million yuan, and 917 million yuan, respectively, achieving record highs for the same period [4] Group 3 - The Golden Bull Award is a prestigious evaluation activity organized by China Securities Journal, emphasizing transparency and professionalism [5] - This year's awards included nine categories, such as "Most Investment Value Award" and "New Quality Enterprise Golden Bull Award," based on 16 key indicators across six dimensions [5] - A total of 60 companies listed on the Sci-Tech Innovation Board were recognized for their performance in the evaluation [5]

Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 2.583 billion yuan, representing a year-on-year growth of 15.76% [1] - The net profit attributable to shareholders for the same period was 226 million yuan, an increase of 16.29% year-on-year, with the third quarter showing a remarkable growth of 104.08% [1] - The profit growth is primarily attributed to the rapid ramp-up of the Vietnam Phase II factory and continuous optimization of profitability [1] Revenue Breakdown - The quarterly revenue for the first, second, and third quarters of 2025 was 793 million yuan, 873 million yuan, and 917 million yuan respectively, with each quarter setting new historical highs for the same period [1] - The increase in revenue is supported by a rising proportion of high-value-added product income, which has enhanced overall profitability [1] Strategic Initiatives - The company is accelerating its "China + Southeast Asia" production base layout to consolidate existing market advantages while exploring new business growth points [1] - The focus is on leveraging a diversified product matrix and global channel advantages to continuously expand market coverage [1] - Future strategies include enhancing product innovation, deepening channel development, and integrating the entire industry chain, with overseas production base construction as a key focus [2]